Mr John Example

Suitability Report

Date of recommendation: 21 June 2026

This report can be seen as a useful reminder, both now and in the future, of what was discussed and the thinking behind my recommendations. Please ensure that you read it and understand its contents. Please contact me if there is anything in this report about which you require further clarification.

YOUR BACKGROUND, KNOWLEDGE AND EXPERIENCE

You are aged 61 and you have some knowledge and experience of financial products and services but no formal qulaifications in this area.

We discussed your understanding of financial services products, with reference to your previous experience of advice received and products purchased, and established that you have some knowledge and prior experience of making financial arrangements similar to those which I have recommended in this report.

YOUR NEEDS AND DEMANDS

An explanation of your current needs and demands is given in the letter accompanying this report.

DOCUMENTATION YOU HAVE RECEIVED FROM ME

My business card which contains my contact information.
“Client Agreement” – the content of which has been agreed with you.
This explains my status as an adviser, and other points, including details of how you may decide to pay for services.

Also enclosed is a copy of a document which summarises your situation and the structure of your financial plans and arrangements which are relevant to the financial decisions you have made following my advice.

SCOPE OF MY ADVICE

It is important that you understand my advice. Therefore, you should read this report in conjunction with the above-mentioned documents and any plan specific documents which have been supplied to you. You should pay particular attention to the sections on charges and cancellation. If you believe that any information in these documents is materially incorrect, or if you have any questions, please let me know as soon as possible.

The financial needs dealt with in this report are based upon my analysis of the information you have provided to me. You should review your needs from time to time as they may change. The recommendations made in this report are valid now but may not be in future.

THE FINANCIAL PLANNING AREAS YOU WISHED TO REVIEW

Before making my recommendations, we had a general discussion about your financial situation and priorities. You preferred that I limit my review and advice to certain areas of focus which are of most concern to you at this point in time. The recommendations contained in this report relate only to these areas.

TREATING CUSTOMERS FAIRLY

We aim to treat you fairly in all our dealings and to provide information to you clearly so that you are able to understand the benefits, risks and costs of any recommended product or service. Also, we aim to make it easy for you to understand what you may reasonably expect from our service or from any policy or plan we have recommended.

Fair treatment of you includes being open and transparent, dealing promptly with your queries or complaints and placing your interests before ours. We welcome your general feedback: please do not hesitate to contact me if you would like to discuss any aspect of our dealings with you.

EMERGENCY FUND

You should consider keeping some money available with immediate access to cover any unforeseen emergency expenditure that may arise.

How much you should hold as an emergency fund will depend on a number of factors including the security of your income and the level of your regular monthly financial commitments. Traditional sources of funding this requirement include current accounts, savings accounts or any other available cash based investments that are readily accessible.

YOUR BUDGET

You told me that you can afford and are prepared to commit a single payment of £20,000 for your financial planning needs.

Our discussion on this point concluded that you are comfortable that you have sufficient income and capital resources available such that the recommendations in this report will remain affordable.

CAPACITY TO ACCEPT LOSS

We discussed whether your attitude towards investment risk is suitable to your overall financial capacity to accept losses from your investment.. By way example, if you invest £10,000 and the financial markets to which the investment is exposed fall by 30%, the value of your investment is likely to reduce to £7,000. Your finances need to be resilient enough to withstand such a loss without damaging your lifestyle.

I am satisfied that the investment I have recommended does not exceed your capacity for loss from your investments because:
You have confirmed that you have a sufficient emergency fund covering at least 6-12 months of essential expenditure, steady income from your emplyment, and other assets that would not need to be accessed in the short term. This means you have the financial capacity to withstand potential falls in the value of your investments without being forced to sell at a loss..

SUMMARY FEATURES OF THE RECOMMENDED PLAN

For further details, please refer to the supplied Key Facts document.

PLANS TO BE CANCELLED

We have agreed there is no need to cancel any of your existing plans in consequence of following my above-mentioned recommendation.

DOCUMENTS YOU HAVE RECEIVED FROM ME WHICH RELATE SPECIFICALLY TO THIS RECOMMENDATION

You have received a Key Facts document relating specifically to the recommended plan which includes sections which explain the associated risks, costs and charges

.
An illustration of benefits which provides details of the plan including the amount of initial fee payable

which is £300.

Subsequently, fees will be received on a monthly basis at an annual rate of 0.5% which is equivalent to £250.00 per annum.

FACTORS BEHIND THIS RECOMMENDATION

I have taken into account the following factors before concluding my recommendation:

You envisage being able to maintain the investments you now make for at least 5 years.
You wish to choose an investment now which is capable of being used later to supplement your income or capital needs from other sources.

POTENTIAL DISADVANTAGES OF THE RECOMMENDED PLAN

I want now to summarise the most important potential disadvantages of my recommendation, some of which may be repeated in greater detail in later sections of this report.

Capital is at risk: The value of your investments can go down as well as up. You may get back less than you originally invest, and there is no guarantee of any return.

Market volatility: Short-term fluctuations in stock markets, interest rates, or economic conditions can cause significant falls in value. This is particularly relevant if you need to access the money in the near future.

No guaranteed income or growth: Dividends and investment returns are not guaranteed and can be reduced or stopped. This product is not suitable if you need predictable monthly income.

Charges and costs: Platform fees, fund management charges, and transaction costs will reduce the net return you receive. Over time, these can have a material impact on your final amount.

Inflation and opportunity risk: While the ISA wrapper is tax-efficient (no UK income tax or capital gains tax on growth or dividends inside the account), poor investment performance could mean your money does not keep pace with inflation. You also cannot offset losses against gains outside the ISA.

Liquidity and access: Selling investments to withdraw money may take several days and could happen at a time when values are low.

Tax rules may change: Although currently tax-free within the ISA, future changes to tax legislation could affect the benefits.

Despite these points, I still consider a Stocks and Shares ISA appropriate for you because:
You have confirmed that you have a medium to long investment horizon and do not need access to this money in the short term.

Your attitude to risk and the capacity to absorb potential short-term losses is supportive of this recommendation.
You specifically wanted the potential for higher long-term growth than is available from NS&I cash-based products, while using your ISA allowance tax-efficiently.

ATTITUDE TOWARDS RISK FOR THIS PLAN

Your attitude towards risk for this plan may best be described by the following statement:
You prefer to invest in mix of assets including specialised stock-market linked investments, in return for the potential for increased capital growth. In doing so, you understand that you risk significant capital loss.

GENERAL DESCRIPTION OF THE STOCKS AND SHARES ISA INVESTMENT PLAN I HAVE RECOMMENDED

The ISA investment I have recommended can be used to hold savings, investments or a mixture of both. A wide range of investments may be held in a Stocks and Shares ISA including unitised collective investments which allow you to benefit from a diverse pool of investments, shared with other investors.

Statutory rules allow the free transfer of value between Stocks and Shares ISAs and Cash ISAs.

Broadly, there are three types of ISA available, Stocks and Shares ISAs, Lifetime ISAs and Cash ISAs. You have the choice of one or more each tax year. Each ISA may be held with the same or different ISA managers.

The most you may invest in an ISA is £20,000 per tax year and you may split this amount as you wish between all types of ISA you may choose to use. For example, you may decide to invest £5,000 in a Cash ISA, £4,000 in a Lifetime ISA and £11,000 in a Stocks and Shares ISA. These limits apply in the tax year ending April 2027.
Unused ISA allowances may not be carried forward to future tax years.

Special rules apply to “non-equity” investment funds, sometimes known as “bond” funds. A “bond” fund is one which comprises more than 60% in “qualifying investments”. When an ISA manager invests in such a manner, a full tax reclaim of 20% will be available on interest distributions.
ISA fund managers are unable to reclaim an Income Tax credit of 10% for “equity” funds.

Any gains are exempt from Capital Gains Tax and there is no liability to personal Income Tax.

REASONS FOR RECOMMENDING NUCLEUS AS A PRODUCT PROVIDER

Nucleus (Nucleus Financial Platforms) is one of the UK’s leading independent adviser-only investment platform groups, established in 2006 and headquartered in Salisbury. It specialises in providing modern, flexible wrap platforms and pension administration services exclusively for FCA-authorised financial advisers and their clients.
Through organic growth and strategic acquisitions — including Curtis Banks (2023) and Third Financial (2024) — Nucleus has built a comprehensive suite of propositions including Nucleus Wrap, James Hay, Curtis Banks, and Talbot and Muir. It is currently migrating its brands onto a single unified Nucleus Platform powered by FNZ’s latest technology, delivering enhanced digital tools, efficiency, and scalability for advisers.
As a focused, adviser-centric business, Nucleus works in partnership with over 5,200 financial advisory firms and administers over £107 billion in investments on behalf of more than 250,000 UK customers. Source: Nucleus Financial Platforms group website (as at early 2026).
It offers a leading, comprehensive range of platform services and products of the type that suit advised clients, including SIPP, ISA, Junior ISA, General Investment Account, full tax wrapper flexibility, extensive investment choice, model portfolios, drawdown capability, and excellent digital tools for advisers and clients, backed by a clear focus on the advice sector, ongoing technology investment, and a strong track record of supporting high-quality financial advice at scale.

REASONS FOR RECOMMENDING THE FUNDS INCLUDED IN THIS INVESTMENT

Details of the investment funds I have recommended are provided in the attached fund factsheets. These provide details about the fund’s objectives, recent performance and other information.

I have recommended these funds because their characteristics for risk and performance are a good match for your objectives.

OTHER PLAN TYPES WHICH PROVIDE SIMILAR BENEFITS WHICH WERE CONSIDERED

PENSION LINKED INVESTMENTS

Investment needs can be met by arranging a pension linked investment. Pension linked investments may be made personally or through an employer. Personal pensions include stakeholder and self invested pensions. Employer sponsored schemes include group personal, executive pensions and final salary schemes.

Pension linked investments enjoy favourable taxation advantages which include relief from Income Tax in respect of any contributions, and tax sheltered investment growth.

I have not recommended a pension linked product to you on this occasion because:
PENSION LINKED INVESTMENTS
• You want to be able to fully encash your investment should this become necessary or desirable in the future.

IMPORTANT POINTS TO REMEMBER CONCERNING INVESTMENT TAXATION

You are not liable to pay any personal Income Tax or Capital Gains Tax in relation to this investment.

The initial advice fee for this investment will be paid from the investment which means the initial investment value which enjoys tax efficient growth will be reduced by that amount.

The ongoing advice fees we have agreed will be paid from the investment

and, overall, this means the tax efficiency of the investment will be reduced to some extent by the impact of advice fees.

IMPORTANT POINTS ABOUT INVESTMENT RISK

This plan is based upon an underlying asset backed investment.
Past performance is not a guide to the future and may not necessarily be repeated. The value of investments may fall and rise and you may get back less than you invest.
If an investment includes assets which are held in a foreign currency, movements in exchange rates will cause the value of the investment to fall or rise.

WHAT HAPPENS NEXT

Your application has been sent to the product provider, a representative of which will write to you to confirm receipt within the next few days. I will monitor progress of your application.

YOUR CANCELLATION RIGHTS

Your plan application will be processed immediately upon receipt by Nucleus and, in this instance, you will be allowed a period of 14 days in which you may change your mind. If you cancel, you may get back less than you invested.

COMMENCEMENT DATE

Normally, once the application has been accepted by the provider, the investment will commence immediately upon receipt of the first contribution.

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IMPORTANT GENERAL POINTS

I rely on product providers and you to provide me with accurate information.
All statements concerning the tax treatment of products and their benefits are based on our understanding of current tax law and HM Revenue and Customs practice. Levels and bases of tax relief are subject to change.

FUTURE REVIEWS

With regard to your financial arrangements as a whole, there are likely to be other areas that will require future action. Please remain in touch and arrange regular meetings to review your situation.

I recommend that you arrange a review meeting annually if possible. Please feel free to contact me to arrange your next review meeting if a firm arrangement has not been agreed.

Finally, many thanks for your business and I look forward to helping you with your finances for the future.

John Smith

LEGAL WILLS APPENDIX

Whether you are single, married or in a civil partnership, you should arrange a legal Will. Unless you do so, intestacy rules will be applied to your belongings when you die. A brief summary of the rules applicable in England and Wales follows:

MARRIED OR CIVIL PARTNERSHIP WITH NO CHILDREN OR REMOTER ISSUE

The surviving spouse or civil partner receives the entire estate.

MARRIED OR CIVIL PARTNERSHIP WITH CHILDREN

The surviving spouse or civil partner receives:All personal chattels (personal belongings), plus
The statutory legacy currently £322,000, plus interest from the date of death.
The remainder of the estate is divided equally:One half goes to the surviving spouse or civil partner absolutely, and one half is held on trust for the children (contingent on them reaching age 18 or marrying earlier). If a child has already died but left children (grandchildren of the deceased), those grandchildren take their parent’s share in equal parts.

UNMARRIED PERSON WITH CHILDREN

The entire estate passes to the children (contingent on reaching age 18 or marrying earlier). If a child has predeceased but left children, those grandchildren take the share in equal parts.

UNMARRIED PERSON WITH NO CHILDREN

The estate passes in the following order:
Parents (equally if both alive)
Siblings of the whole blood (or their issue if a sibling has died)
Siblings of the half blood (or their issue if a sibling has died)
Grandparents (equally if more than one)
Uncles and aunts of the whole blood (or their issue)
Uncles and aunts of the half blood (or their issue)
If there are no relatives in any of the above categories, the estate passes to the Crown as bona vacantia (or to the Duchy of Lancaster or the Duchy of Cornwall, depending on the location of the property).

LASTING POWERS OF ATTORNEY APPENDIX

Whether you are young or elderly, with or without dependants, you should arrange a Lasting Power of Attorney. Lasting Powers of Attorney exist to allow for the orderly transfer of your authority to act to a chosen third party under certain conditions. Typically, authority to act on your behalf is triggered only if you lose mental capacity. Two types exist; Property and Finances and Health and Welfare.

PROPERTY AND FINANCES LASTING POWER OF ATTORNEY

A Lasting Power of Attorney over your property and finances provides a legal solution to allow one or more people of your choice to take over the management of your financial affairs. Appointed attorneys may act on your behalf in performing a wide range of duties including paying routine bills, collecting any amounts due to you, administering your tax affairs and selling your home.

HEALTH AND WELFARE LASTING POWER OF ATTORNEY

A Lasting Power of Attorney over your health and welfare provides a legal mechanism for one or more people to take decisions on your behalf in areas including provision of medical care, deciding to move to a care home and whether life-sustaining treatment should be continued.